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India announces legislation against the use of private cryptocurrency

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India announces legislation against the use of private cryptocurrency

The Indian Parliament has announced that a bill will be introduced to ban the use of cryptocurrencies and develop a framework for the central bank’s digital currency.

Prime Minister Narendra Modi last week warned about the use of the cryptocurrency, the bitcoin, that its use could be dangerous for the younger generation.

According to AFP news agency, a proposed bill will be introduced in the Indian House of Representatives to ban the private use of cryptocurrency.

The proposed bill on cryptocurrency will be introduced in the new parliamentary session which will allow the promotion of cryptocurrency technology to some extent.

In April, the Indian Supreme Court lifted the ban on bitcoin, after which the market saw a surge. The bitcoin market in India had grown by 600% over the previous year.

India, Asia’s third-largest economy, owns between 1.5 million and 100 million citizens in a corrupt currency valued at tens of millions of dollars.

After the possible ban, the investment of Indian citizens in the corrupt currency has become a matter of uncertainty. The bitcoin market rose 1.67 percent on Tuesday, but news of a possible legislation has raised concerns among consumers of the cryptocurrency.

On the other hand, the central bank of India, expressing concern over the private use of cryptocurrency, announced in June that it would introduce its digital currency by the end of the year.

Investors in the cryptocurrency market say that after the government measures, the Indian industry of cryptocurrency will naturally disappear and investors will suffer.

Prior to India, China had in September outlawed the use of cryptocurrencies.

in details

The Indian Parliament has announced that a bill will be introduced to ban the use of cryptocurrencies and develop a framework for the central bank’s digital currency.

Prime Minister Narendra Modi last week warned about the use of the cryptocurrency, the bitcoin, that its use could be dangerous for the younger generation.

According to AFP news agency, a proposed bill will be introduced in the Indian House of Representatives to ban the private use of cryptocurrency.

The proposed bill on cryptocurrency will be introduced in the new parliamentary session which will allow the promotion of cryptocurrency technology to some extent.

In April, the Indian Supreme Court lifted the ban on bitcoin, after which the market saw a surge. The bitcoin market in India had grown by 600% over the previous year.

India, Asia’s third-largest economy, owns between 1.5 million and 100 million citizens in a corrupt currency valued at tens of millions of dollars.

After the possible ban, the investment of Indian citizens in the corrupt currency has become a matter of uncertainty. The bitcoin market rose 1.67 percent on Tuesday, but news of a possible legislation has raised concerns among consumers of the cryptocurrency.

On the other hand, the central bank of India, expressing concern over the private use of cryptocurrency, announced in June that it would introduce its digital currency by the end of the year.

Investors in the cryptocurrency market say that after the government measures, the Indian industry of cryptocurrency will naturally disappear and investors will suffer.

Prior to India, China had in September outlawed the use of cryptocurrencies.

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